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ARTICLE · 18 APRIL 2022

SCA Judgment On Retrospective Rule Amendments Upsets The Retirement Funds Apple Cart

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In a deeply disturbing judgment in Municipal Employees' Pension Fund & another v Pandelani Midas Mudau & another handed down by the Supreme Court of Appeal (SCA) on 8 April 2022, ...

CanadaEmployment and HR
Rosemary Hunter
Rosemary Hunter
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In a deeply disturbing judgment in Municipal Employees' Pension Fund & another v Pandelani Midas Mudau & another1 handed down by the Supreme Court of Appeal (SCA) on 8 April 2022, the court reversed rulings in at least two previous judgments of the same court on the main issue before it - without even mentioning those judgments. It also placed at risk the accrued retirement fund benefits of millions of members and former members of retirement funds subject to regulation and supervision in terms of the Pension Funds Act, 1956 (the PFA).

In particular the court held that the rules of a retirement fund may be amended to reduce the amounts of benefits that have already accrued by the time that the amendment is approved and registered by the Financial Sector Conduct Authority (FSCA).

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